Acquisitions

Boulder Group Brokers $2.1M Sale of Retail Property Leased to Sherwin-Williams in Joliet, Illinois

by Kristin Harlow October 30, 2024

JOLIET, ILL. — The Boulder Group has brokered the $2.1 million sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Joliet. The single-tenant building is located along Plainfield Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. The buyer was a Southeast-based real estate investor. There are over eight years remaining on the lease with three five-year renewal options. The lease features 10 percent rental escalations every five years.

October 30, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams October 30, 2024

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

October 30, 2024

Acquisitions Connecticut Northeast Retail

Phillips Edison Buys 101,105 SF Shopping Center in Bethel, Connecticut

by Taylor Williams October 30, 2024

BETHEL, CONN. — Phillips Edison & Co., a Cincinnati-based shopping center REIT, has purchased the 101,105-square-foot Bethel Center in Connecticut’s Fairfield County. Anchored by Big Y Supermarket, Bethel Center was 91 percent leased at the time of sale. Other tenants include Starbucks, Dollar Tree, Great Clips, Quest Diagnostics and Casa Tequila. Nat Heald, Jeffrey Dunne and David Gavin of CBRE represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

October 30, 2024

Acquisitions Industrial Texas Top Stories

MDH Partners Acquires New Industrial Park Leased to Tesla in Metro Austin

by Hayden Spiess October 30, 2024

KYLE, TEXAS — MDH Partners has acquired Kyle 35 Logistics Park, a newly built, 1.4 million-square-foot industrial park located in Kyle, approximately 20 miles southwest of Austin. Houston-based Alliance Industrial Co. sold the property for an undisclosed price. Delivered in 2023, Kyle 35 Logistics Park comprises five Class A industrial buildings ranging in size from 140,300 to 474,397 square feet. Electric vehicle manufacturer and technology company Tesla Inc. fully occupies the development. Situated along I-35, the buildings feature 35- to 40-foot clear heights, ESFR sprinkler systems and ample parking. The property offers connectivity between Mexico, San Antonio, Austin and the Dallas-Fort Worth metro. According to a press release issued by JLL, the city of Kyle has roughly doubled in population over the past decade, with more than 25 million people located within a five-hour drive of the industrial park. Trent Agnew, Witt Westbrook, Kyle Mueller, Charlie Strauss and Tom Weber of JLL Capital Markets represented the seller in the transaction. “Kyle 35 Logistics Park represented an exceptional opportunity to acquire a newly built, fully leased industrial asset in one of the fastest growing corridors in Central Texas,” says Agnew. “The property’s high-quality construction, investment grade tenancy and strategic location generated …

October 30, 2024

Acquisitions Colorado Industrial Western

Ambrose Property Group Acquires 595,000 SF Ascent Commerce Center Near Denver for $61M

by Amy Works October 29, 2024

COMMERCE CITY, COLO. — Indianapolis-based Ambrose Property Group has purchased Ascent Commerce Center, an industrial park situated on 33 acres in Commerce City, a northeast suburb of Denver, for $61 million. Ascent Commerce Center is located at 17776, 17956 and 18146 E. 84th Ave. Built in 2021, the three-building park offers 595,000 square feet of Class A industrial space. At the time of sale, the asset was 45.6 percent leased to four tenants. La-Z-Boy and PCL Construction occupy the 154,831-square-foot Building I. McKesson leases 135,053 square feet at Building II, a 313,080-square-foot, cross-dock facility at the center of the site. The Lawless Group occupies 26,463 square feet of Building III, a 127,631-square-foot asset on the east side of the park. The buildings offer 32- and 36-foot clear heights, dock-high and drive-in loading, ESFR sprinklers, multiple points of ingress and egress and trailer parking. Will Strong, Molly Hunt, Michael Matchett and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller, an undisclosed asset manager, in the deal. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield provided local advisory services. Additionally, Rob Rubano, Brian Share, Max Schafer, Garrett Stasand, Lars Weston, Niki …

October 29, 2024

Acquisitions California Office Western

Ambient Communities Buys 250,000 SF Office Tower in Downtown San Diego

by Amy Works October 29, 2024

SAN DIEGO — Ambient Communities, a San Diego-based real estate company, has acquired 530 B Street, a 24-story office tower in downtown San Diego’s B Street corridor, from an undisclosed seller for $27.5 million, or $110 per square foot. Completed in 1966, the 250,000-square-foot tower was known as the Union Bank building until U.S. Bank acquired the bank in 2022. Matt Carlson, Hunter Rowe, Camille Doan, Matt Pourcho and Anthony DeLorenzo of CBRE represented the seller, while Mickey Morera of Kidder Mathews represented the buyer in the transaction.

October 29, 2024

Acquisitions Multifamily Oregon Seniors Housing Western

Cedar Sinai Park Sells 246-Unit Seniors Housing Campus in Portland

by Amy Works October 29, 2024

PORTLAND, ORE. — Nonprofit Cedar Sinai Park has sold its namesake seniors housing campus totaling 246 units in southwest Portland. Situated within four miles of downtown Portland, the Cedar Sinai Park campus comprises Rose Schnitzer Manor, a 154-unit assisted living community; Robison Jewish Health Center, a 44-bed skilled nursing facility; and the Harold Schnitzer Center for Living, a 48-bed skilled nursing facility. Built in 2016, the Harold Schnitzer Center for Living also offers adult daycare services. Rose Schnitzer Manor was constructed in 1998 and 2002, and Robison Jewish Health Center — which is currently vacant — was built in 1956 and renovated in 2017. The property is located within three miles of two short-term, acute-care hospitals. Michael Segal, Dan Mahoney and Daniel Waldhorn of Blueprint represented Cedar Sinai Park in the sale. The seller plans to use sale proceeds to establish a new foundation to continue to serve the Portland Jewish community. An Illinois-based private investor with an Oregon-based operating partner acquired the campus for an undisclosed price.

October 29, 2024

Acquisitions Nevada Retail Western

Hanley Arranges Sale of New 2,365 SF Retail Property in Las Vegas Leased to Starbucks

by Amy Works October 29, 2024

LAS VEGAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant retail property located at 9285 W. Russell Road in Las Vegas. Starbucks Coffee occupies the building, which totals 2,365 square feet and features a drive-thru, on a 10-year lease. Bill Asher and Jeff Lefko, in association with ParaSell Inc., represented the developer and seller in the transaction. Jason Otter of Logic Commercial Real Estate represented the buyer, a local private investor. The acquisition price was not released.

October 29, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 186-Unit Biltmore Apartments in Arlington

by Taylor Williams October 29, 2024

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Biltmore, a 186-unit apartment complex in Arlington. The garden-style property was built in 1978 and offers one- and two-bedroom units with an average size of 765 square feet. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, Legacy REI Group, in the transaction and procured the buyer, Lynba Holdings.

October 29, 2024

Acquisitions Georgia Industrial Southeast

JLL Negotiates Sale of Two Infill Industrial Properties in Metro Atlanta Totaling 253,545 SF

by John Nelson October 29, 2024

MORROW AND DORAVILLE, GA. — JLL has negotiated the sale of two infill industrial properties in the Atlanta suburbs of Morrow and Doraville totaling 253,545 square feet. Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction. Faropoint purchased both facilities for an undisclosed price. The properties include a 163,524-square-foot, cross-dock facility located at 48-50 Best Friend Road in Morrow that was fully leased at the time of sale to Currey & Co. Inc., as well as a 90,012-square-foot, rear-load facility located at 1056 Personal Place in Doraville that is fully leased to MWD Logistics Inc.

October 29, 2024

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